Saudi minister calls for 1 mln bpd global oil output cut

Saudi Arabia's energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December. "The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market," Khalid al-Falih told an energy conference in Abu Dhabi. The proposed reduction is from October production levels, Falih said.